Tornado Cash saw a massive decline in deposits and an increase in withdrawals after it was sanctioned by the US Treasury.
Since the sanctions came down, just $6 million has been deposited into the protocol, according to data from Cercetarea blocului. This represents a 78.5% decline compared to the same length of time during the previous week.
At the same time, users have rushed to withdraw their funds, resulting in volume crescute overall. Since the sanctions were announced, $62 million has been withdrawn from the protocol, decreasing the amount of crypto held in its addresses by 15%. Out of that, $14.7 million was withdrawn in the first three hours alone.
The sanctions have had other impacts on the protocol’s users. Circle has congelate $75,000 of USDC that was sitting in the addresses, crypto infrastructure services have started limitarea accesului to the protocol and the decentralized exchange dYdX has started blocarea accounts tied to it.
Beyond this, one user appeared to protest the sanctions by trimitere small amounts of ether from sanctioned wallets to wallets belonging to notable crypto individuals and celebrities, including Jimmy Fallon, Logan Paul, Randi Zuckerberg and Shaq.
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Despre autor
Tim este editor de știri la The Block, care se concentrează pe DeFi, NFT și DAO. Înainte de a se alătura The Block, Tim a fost redactor de știri la Decrypt. El a obținut o licență în filosofie de la Universitatea din York și a studiat Jurnalismul de știri la Press Association. Urmărește-l pe Twitter @Timccopeland.
Source: https://www.theblock.co/post/163019/tornado-cash-hit-by-79-decline-in-deposits-as-users-rush-for-the-exit?utm_source=rss&utm_medium=rss